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Following the enactment of a new anti-money laundering law in late 2018, on 28 January 2019 the UAE issued Cabinet Resolution No. 10 of 2019, which contains the provisions necessary for implementing the AML Law.
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Etihad Credit Insurance (ECI) and First Abu Dhabi Bank (FAB) have partnered to help local businesses with their trade finance needs and support their international expansion.
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DUBAI, 11th March, 2019 (WAM) — The Ministry of Finance, MoF, held an official ceremony today to celebrate 30 years of signing the avoidance of double taxation and bilateral investment agreements. A press conference to announce and sign a three-year extension of the MoU between the UAE and the Organisation for Economic Cooperation and Development, OECD, also took place.
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In May, the UAE Cabinet approved the 100 percent foreign ownership of companies in the country, which had previously been limited to those companies based in freezones.
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A new survey by KPMG has revealed that chief executives operating in the Middle East consumer goods sector are being confronted with market disruption from competitors at a greater rate than elsewhere.
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The Authority stressed that the voluntary disclosure form should not be used except for the referred cases only, indicating that Article 10 of the Law identifies specific cases for the provision of voluntary disclosure.
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The UAE government has ranked among the most trusted in the 2018 Edelman Trust Barometer, with an extreme trust gain in the most recent report.
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Futurama Blockchain Innovators Summit will host foundation investors, innovators and influencers that helped put Blockchain technology in world map.
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Q- My father is a shareholder in the share capital of a limited liability company (LLC) incorporated in the UAE. He has a debt of approximately Dh700,000 for the loans/facilities availed from a bank by the LLC. The company has been incurring loss in business and therefore, he is unable to repay the loan to the bank. What could be the consequences if he is unable to make the payment or if the cheque is dishonoured?
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Dubai – Smart Dubai has launched the new and improved version of its flagship Dubai Now platform and application, introducing artificial intelligence to the service, which will now feature Smart Dubai’s AI-powered smart city advisor “Rashid”.
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Maktoum bin Mohammed: “DIFC is constantly exploring new opportunities to ensure the development of the regional financial services landscape”
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Younus Al Nasser, assistant director general of Smart Dubai, announces the Dubai Data Policies
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The sixth edition of the World Government Summit (WGS 2018) gets underway today, featuring more than 130 speakers across 120 interactive sessions and over 4,000 participants from 140 countries.
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Smart City, the Dubai Government agency entrusted with making Dubai the world’s happiest and smartest city, said it was close to rolling out 20 blockchain applications in a number of civic agencies including the Roads and Transport Authority in order to bring greater efficiency.
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DUBAI: The Ministry of Finance stated that adopting value-added tax (VAT) in the UAE will have a positive effect on its development and competitiveness — and will contribute to building a sustainable knowledge-based economy for future generations, as the tax will provide additional financial resources and enable the UAE government to realise its strategy and guarantee a prosperous future.
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• Real estate brokering is defined as a service under the new UAE tax law, which will take effect 1 January 2018.
• This means that UAE residents renting or buying property in the UAE will pay an additional 5% to the UAE government, collected by their broker, on the total commission of rent or sale.
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I have been using a credit card for the last 10 years and my repayments were always made on time. But recently, due to a crisis within my company, my salary was reduced and I was not able to make the credit card payments as I also have another bank loan. I have defaulted on my credit card payments for the last four months and the bank/finance company has served me with a legal notice. What is the legal process to be followed here?
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Launched through a worldwide open-source consultation alongside the World Economic Forum’s Annual Meeting of the Global Future Councils 2017, the forward-looking rules devised by the Courts of the Future Forum are designed to help ‘techpreneurs’ and companies of the future innovate securely.
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Dubai: Historically, since the UAE has not had any forms of taxation, businesses are struggling to introduce language in their service contracts for the upcoming introduction of the value-added tax on January 1.
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Gulf News reports that the emirate’s attorney general Essam Eisa Al Humaidan has issued the new decision, which will allow prosecutors in the Deira, Bur Dubai and the family and juvenile courts to start issuing criminal orders from December 4.
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Dubai’s DIFC Courts Small Claims Tribunal (SCT) will now offer claimants direct and instant messaging to give defendants notice as part of an expanded range of e-services.
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While Real Estate Investment Trusts (REITs) are common in many real estate markets around the world, they are relatively new in the Middle East, with the Emirates REIT being the first, launched in 2010.
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Dubai: Dubai is seeking to consolidate its growing leadership status in global finance with a combination of initiatives aimed at deepening its financial cluster, enhancing infrastructure, expanding access to talent, and increasing its financial industry’s ability to tap vital trade corridors.
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Dubai International Financial Centre Authority has announced for public consultation proposed Common Reporting Standard Law, DIFC Law No. 7 of 2017 & Regulations.
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Abu Dhabi: The UAE banking sector has continued to top other GCC (Gulf Cooperative Council) counterparts in terms of assets value in the first half of 2017, with a total value of $723 billion in 48 banks operating in the country, a growth rate of 1.7 per cent compared to 2016.
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Dubai International Financial Centre (DIFC), the leading financial hub in the Middle East, Africa, and South Asia region (MEASA), has today published the “DIFC Wealth & Asset Management Report 2017: Mapping Opportunities in MEASA Region” in partnership with Thomson Reuters. The report explores the latest investment opportunities in the region, while providing a five year projection for Assets Under Management (AuM) in key MEASA countries.
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DIFC Courts rolled out a specialised sub-division that will streamline the resolution of legal cases involving complex technology and construction disputes.
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Dubai has been ranked 10th in The Banker magazine’s annual international financial centre (IFC) rankings, placing it alongside hubs such as London, New York, Hong Kong and Singapore.
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The President, His Highness Sheikh Khalifa bin Zayed Al Nahyan, has issued the landmark Federal Law No. 7 of 2017 for Tax Procedures, which sets the foundations for the planned UAE tax system, regulating the administration and collection of taxes and clearly defining the role of the Federal Tax Authority, FTA.
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Ministry of Human Resources and Emiratisation (MOHRE) has rolled out six initiatives to ensure labour disputes in Dubai are settled in 10 days, instead of 30.
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During the past few weeks, I have explained the instances wherein a company could be dissolved due to the occurrence of any of the conditions stipulated in the Commercial Companies Law. The dissolution, legally speaking, leads to the liquidation of the company. This leads to an important question: what is the status of the company during the liquidation process?